Name: Starbucks Corp. (NASDAQ:SBUX) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Starbucks Corp., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Jun 28, 2026	Mar 29, 2026	Dec 28, 2025	Sep 28, 2025	Jun 29, 2025	Mar 30, 2025	Dec 29, 2024	Sep 29, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Oct 1, 2023	Jul 2, 2023	Apr 2, 2023	Jan 1, 2023	Oct 2, 2022	Jul 3, 2022	Apr 3, 2022	Jan 2, 2022	Oct 3, 2021	Jun 27, 2021	Mar 28, 2021	Dec 27, 2020	Sep 27, 2020	Jun 28, 2020	Mar 29, 2020	Dec 29, 2019
Company-operated stores	7,506,100)	7,816,400)	8,188,000)	7,862,000)	7,812,500)	7,285,000)	7,785,300)	7,442,100)	7,516,000)	7,052,600)	7,755,200)	7,679,800)	7,556,700)	7,142,300)	7,083,500)	6,901,500)	6,675,500)	6,276,700)	6,722,400)	6,864,300)	6,363,100)	5,653,100)	5,726,500)	5,173,500)	3,444,400)	4,766,000)	5,780,700)
Licensed stores	1,200,800)	1,088,400)	1,130,400)	1,093,100)	1,105,600)	1,016,000)	1,135,700)	1,129,500)	1,129,000)	1,054,500)	1,192,100)	1,187,500)	1,136,200)	1,069,500)	1,119,500)	998,400)	956,800)	849,500)	850,800)	794,600)	680,200)	595,000)	613,800)	544,800)	300,500)	689,800)	792,000)
Other	615,800)	626,700)	596,700)	613,900)	537,900)	460,600)	476,800)	502,400)	468,900)	455,900)	478,000)	506,300)	475,400)	508,000)	510,900)	514,300)	517,800)	509,400)	477,200)	487,800)	453,200)	419,900)	409,100)	484,800)	477,200)	539,900)	524,400)
Net revenues	9,322,700)	9,531,500)	9,915,100)	9,569,000)	9,456,000)	8,761,600)	9,397,800)	9,074,000)	9,113,900)	8,563,000)	9,425,300)	9,373,600)	9,168,300)	8,719,800)	8,713,900)	8,414,200)	8,150,100)	7,635,600)	8,050,400)	8,146,700)	7,496,500)	6,668,000)	6,749,400)	6,203,100)	4,222,100)	5,995,700)	7,097,100)
Product and distribution costs	(2,828,600)	(3,208,500)	(3,273,600)	(3,071,400)	(2,955,500)	(2,737,600)	(2,893,700)	(2,810,400)	(2,740,900)	(2,648,700)	(2,980,600)	(2,933,000)	(2,864,200)	(2,801,700)	(2,810,200)	(2,711,100)	(2,613,600)	(2,465,800)	(2,526,900)	(2,491,200)	(2,206,000)	(1,992,400)	(2,049,100)	(1,976,800)	(1,484,000)	(1,997,700)	(2,236,400)
Store operating expenses	(4,197,400)	(4,408,600)	(4,552,300)	(4,335,100)	(4,344,800)	(4,176,000)	(4,203,000)	(3,881,800)	(3,829,100)	(3,724,100)	(3,851,500)	(3,721,400)	(3,697,600)	(3,636,000)	(3,665,300)	(3,544,600)	(3,302,500)	(3,314,700)	(3,400,000)	(3,273,400)	(2,966,900)	(2,823,300)	(2,867,300)	(2,683,300)	(2,537,800)	(2,721,400)	(2,821,500)
Cost of revenues	(7,026,000)	(7,617,100)	(7,825,900)	(7,406,500)	(7,300,300)	(6,913,600)	(7,096,700)	(6,692,200)	(6,570,000)	(6,372,800)	(6,832,100)	(6,654,400)	(6,561,800)	(6,437,700)	(6,475,500)	(6,255,700)	(5,916,100)	(5,780,500)	(5,926,900)	(5,764,600)	(5,172,900)	(4,815,700)	(4,916,400)	(4,660,100)	(4,021,800)	(4,719,100)	(5,057,900)
Gross profit	2,296,700)	1,914,400)	2,089,200)	2,162,500)	2,155,700)	1,848,000)	2,301,100)	2,381,800)	2,543,900)	2,190,200)	2,593,200)	2,719,200)	2,606,500)	2,282,100)	2,238,400)	2,158,500)	2,234,000)	1,855,100)	2,123,500)	2,382,100)	2,323,600)	1,852,300)	1,833,000)	1,543,000)	200,300)	1,276,600)	2,039,200)
Other operating expenses	(131,900)	(130,500)	(131,200)	(141,800)	(151,600)	(138,700)	(152,500)	(138,500)	(143,900)	(132,800)	(150,400)	(145,200)	(138,700)	(126,200)	(129,300)	(123,000)	(135,100)	(101,700)	(101,700)	(108,600)	(71,400)	(87,700)	(91,800)	(99,900)	(133,600)	(95,000)	(101,800)
Depreciation and amortization expenses	(361,600)	(363,400)	(400,900)	(430,600)	(427,600)	(418,900)	(407,600)	(395,000)	(380,400)	(371,900)	(365,300)	(351,400)	(342,200)	(341,900)	(327,100)	(357,400)	(356,800)	(367,700)	(366,000)	(354,600)	(354,300)	(366,700)	(366,100)	(363,000)	(361,000)	(356,300)	(351,000)
General and administrative expenses	(598,800)	(618,100)	(638,800)	(641,900)	(677,200)	(632,300)	(665,800)	(644,700)	(576,000)	(654,600)	(648,000)	(635,700)	(604,300)	(620,400)	(580,900)	(538,000)	(486,700)	(481,500)	(525,800)	(501,200)	(494,900)	(464,400)	(472,100)	(439,000)	(399,900)	(406,500)	(434,200)
Restructuring and impairments	(302,600)	(25,100)	(88,100)	(755,000)	(20,800)	(116,200)	—)	—)	—)	—)	—)	(100)	(7,100)	(8,800)	(5,800)	(35,100)	(14,000)	(4,400)	7,500)	(55,400)	(19,800)	(23,000)	(72,200)	(195,000)	(78,100)	700)	(6,300)
Income from equity investees	78,600)	50,800)	60,600)	85,100)	57,100)	59,100)	46,500)	103,400)	73,900)	68,000)	55,900)	119,500)	69,700)	51,400)	57,800)	90,600)	54,100)	49,100)	40,300)	120,000)	105,500)	77,100)	82,700)	112,300)	68,400)	67,900)	73,900)
Gain from sale of assets	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	91,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Operating income (loss)	980,400)	828,100)	890,800)	278,300)	935,600)	601,000)	1,121,700)	1,307,000)	1,517,500)	1,098,900)	1,485,400)	1,706,300)	1,583,900)	1,327,500)	1,253,100)	1,195,600)	1,295,500)	948,900)	1,177,800)	1,482,300)	1,488,700)	987,600)	913,500)	558,400)	(703,900)	487,400)	1,219,800)
Net gain resulting from divestiture of certain operations	536,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	864,500)	—)	—)	—)	—)	—)	—)	—)
Interest income and other, net	37,200)	37,000)	13,000)	31,500)	25,600)	28,400)	27,800)	26,800)	28,100)	34,100)	33,800)	29,900)	21,300)	18,400)	11,600)	31,000)	19,800)	46,300)	(100)	21,300)	36,000)	17,300)	15,500)	9,100)	12,700)	2,000)	15,900)
Interest expense	(134,600)	(137,000)	(139,000)	(145,800)	(142,300)	(127,300)	(127,200)	(140,000)	(141,300)	(140,600)	(140,100)	(143,200)	(140,900)	(136,300)	(129,700)	(125,400)	(123,100)	(119,100)	(115,300)	(120,700)	(113,400)	(115,000)	(120,700)	(125,100)	(120,800)	(99,200)	(91,900)
Earnings (loss) before income taxes	1,419,300)	728,100)	764,800)	164,000)	818,900)	502,100)	1,022,300)	1,193,800)	1,404,300)	992,400)	1,379,100)	1,593,000)	1,464,300)	1,209,600)	1,135,000)	1,101,200)	1,192,200)	876,100)	1,062,400)	2,247,400)	1,411,300)	889,900)	808,300)	442,400)	(812,000)	390,200)	1,143,800)
Income tax (expense) benefit	(374,400)	(217,300)	(471,600)	(30,800)	(260,400)	(118,000)	(241,400)	(284,100)	(348,600)	(219,900)	(354,700)	(373,700)	(322,400)	(301,300)	(279,800)	(222,600)	(278,500)	(201,100)	(246,300)	(482,900)	(257,100)	(230,500)	(186,100)	(49,700)	133,900)	(65,400)	(258,500)
Net earnings (loss) including noncontrolling interests	1,044,900)	510,800)	293,200)	133,200)	558,500)	384,100)	780,900)	909,700)	1,055,700)	772,500)	1,024,400)	1,219,300)	1,141,900)	908,300)	855,200)	878,600)	913,700)	675,000)	816,100)	1,764,500)	1,154,200)	659,400)	622,200)	392,700)	(678,100)	324,800)	885,300)
Net (earnings) loss attributable to noncontrolling interests	400)	100)	100)	(100)	(200)	100)	(100)	(400)	(900)	(100)	—)	—)	(200)	—)	—)	(300)	(800)	(500)	(200)	(200)	(800)	—)	—)	(100)	(300)	3,600)	400)
Net earnings (loss) attributable to Starbucks	1,045,300)	510,900)	293,300)	133,100)	558,300)	384,200)	780,800)	909,300)	1,054,800)	772,400)	1,024,400)	1,219,300)	1,141,700)	908,300)	855,200)	878,300)	912,900)	674,500)	815,900)	1,764,300)	1,153,400)	659,400)	622,200)	392,600)	(678,400)	328,400)	885,700)

The financial performance over the analyzed period is characterized by a sharp contraction during the second quarter of 2020, followed by a sustained recovery and subsequent growth phase. Net revenues declined from 7.1 billion USD in December 2019 to a low of 4.2 billion USD in June 2020, before trending upward to a peak of 9.9 billion USD by December 2025. Despite this growth, the most recent data indicates a slight downward correction, with revenues settling at 9.3 billion USD by June 2026.

Revenue and Gross Profit Analysis: Net revenues experienced a significant recovery period between 2021 and 2023, driven by a return to operational capacity. Gross profit margins were severely compressed in mid-2020, with gross profit falling to 200.3 million USD. A recovery followed, with gross profit generally fluctuating between 1.8 billion and 2.7 billion USD. While revenue increased, product and distribution costs also rose steadily, increasing from 2.2 billion USD in 2019 to peak at 3.3 billion USD in late 2025, indicating a proportional increase in the cost of goods sold.
Operating Expense Trends: There is a clear upward trajectory in operational expenditures. Store operating expenses grew from 2.8 billion USD in December 2019 to peaks exceeding 4.5 billion USD in late 2025. General and administrative expenses followed a similar pattern, rising from 434.2 million USD in 2019 to a range of 600 million to 680 million USD in the later years. This expansion in the cost base suggests increased overhead and labor costs associated with scaling operations and managing inflation.
Operating Income and Profitability: Operating income shows high volatility, particularly during the 2020 downturn where a loss of 703.9 million USD was recorded in June 2020. While operating income stabilized and grew through 2023, reaching 1.7 billion USD in October 2023, it faced significant downward pressure in 2025. A notable collapse in operating income occurred in September 2025, dropping to 278.3 million USD, which coincides with a substantial restructuring and impairment charge of 755 million USD.
Net Earnings and Non-Recurring Items: Net earnings attributable to the company are heavily influenced by non-operating gains and one-time events. A significant peak in net earnings occurred in October 2021 (1.76 billion USD), driven by a net gain of 864.5 million USD from the divestiture of certain operations. Similarly, a peak in June 2026 (1.04 billion USD) was supported by a divestiture gain of 536.3 million USD. Excluding these windfalls, net earnings exhibit a pattern of recovery from pandemic lows, though they remain sensitive to restructuring costs and fluctuating tax expenses.
Asset and Investment Impact: Income from equity investees has remained a consistent positive contributor, generally fluctuating between 40 million and 120 million USD per quarter. Depreciation and amortization expenses have remained relatively stable, though a slight increase is observed from the 350 million USD range in 2019 to approximately 400 million USD by 2025, reflecting an expansion of the company's physical asset base.

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Starbucks Corp. (NASDAQ:SBUX)

Income StatementQuarterly Data

Income Statement
Quarterly Data